Baytex Energy Corp. (BTE)

Price$4.86Cached quoteAs of 2026-09-05 12:02 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong recent cash flow relies on unusually high oil prices.

At roughly C$4.8 billion of equity value, first-half free cash flow of C$129.8 million annualizes to about a 5.4% yield, while Q2 alone annualizes to roughly 10.7%. Free cash flow means cash left after running and investing in the business. The gap is important: Q2 West Texas Intermediate oil averaged US$92.79 per barrel, versus US$71.93 in Q1. That commodity sensitivity makes the current valuation reasonable rather than obviously cheap. MarketBeat+2Bank of Canada+2

Big pictureBaytex has transformed its balance sheet, but reported profits still swing sharply with oil and portfolio changes.

The supplied history shows 2025 revenue of C$1.48 billion, down from C$1.61 billion in 2024, while operating cash flow stayed strong at C$1.49 billion despite a C$604 million net loss. Baytex says that loss largely reflected non-cash items tied to the Eagle Ford sale and a Viking impairment. The sale brought about C$3.0 billion of net proceeds and sharply reduced leverage. Future results now come from a smaller, Canada-only asset base, so cash generation matters more than headline earnings. Pasted text SEC

Business strengthProduction growth and aggressive buybacks are improving per-share value while the balance sheet remains unusually strong.

Q2 production reached 71,243 barrels of oil equivalent per day, 11% above Q2 2025, and guidance rose to about 71,000 without increasing the C$625 million capital plan. Baytex ended June with C$566 million of net cash. In the first half, it cancelled 56.8 million shares for C$310 million, taking period-end shares to 708.9 million, down from 765.6 million at 2025 year-end and below the 821.7 million shown in the supplied 2023 history. Buybacks are now reversing earlier dilution. SEC+1 Pasted text

What could change the storySustained high oil prices could unlock upside, while normalization near mid-cycle levels would reduce cash returns.

Q2 free cash flow was C$128 million with West Texas Intermediate oil averaging US$92.79, while Q1 produced only C$1.7 million with oil averaging US$71.93; capital timing and hedges also affected that comparison. Baytex had no West Texas Intermediate hedges after Q2. With oil near US$91 in early September, current cash generation could remain strong, but that price is supported partly by geopolitical supply fears. If oil normalizes toward US$70, the thesis depends more heavily on 6% to 8% production growth and disciplined spending. SEC+2SEC+2

AI: News

Q2 guidance raisedSecond-quarter results beat operating expectations, raised production guidance, and showed the new Canadian portfolio generating meaningful cash.

On July 30, Baytex reported production of 71,243 barrels of oil equivalent per day, 11% above the prior-year quarter, free cash flow of C$128 million, and C$566 million of net cash. Full-year production guidance increased to about 71,000 without raising the C$625 million capital plan. The NYSE shares rose about 7% on July 31. The timing is consistent with a positive market reaction, although it does not prove the results alone caused the move. SEC+1

Buyback renewedBaytex renewed a large buyback authorization, giving management room to shrink the share count further.

On June 26, the Toronto Stock Exchange approved a renewed program allowing Baytex to repurchase up to 70.9 million shares through July 1, 2027, equal to 10% of the public float at approval. Under the prior program, Baytex had already repurchased 56.4 million shares at an average C$5.38 through June 19. There was no obvious one-day stock-price jump on the announcement, so the event matters mainly through future per-share value rather than a clearly observable immediate reaction. SEC+1

Oil surge lifts backdropA renewed oil-price surge improved Baytex's near-term cash backdrop, but the support is geopolitical and reversible.

By September 3, West Texas Intermediate crude had risen to about US$91.30 per barrel after renewed U.S.-Iran fighting and restrictions around Gulf shipping revived supply concerns. Baytex produced 88% oil and natural-gas liquids in Q2 and had no West Texas Intermediate hedges after that quarter, so higher benchmark prices can flow more directly into cash generation. Baytex shares also rose over the preceding several sessions, but attributing that move specifically to oil would be uncertain because company and market factors overlapped. Reuters+2SEC+2

Loading local price history

Revenue

2019

2020

2021

2022

2023

2024

2025

Net income

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.48B	$1.61B	$2.71B	$2.33B	$1.53B	$811.7M	$1.49B
Operating expenses	$334.3M	$336.1M	$570.8M	$422.7M	$343.0M	$331.3M	$397.7M
Operating income	$226.3M	$357.0M	$643.2M	$953.1M	—	—	—
Operating margin	15.28%	22.14%	23.71%	40.97%	—	—	—
EBITDA	$1.27B	$1.56B	$691.1M	$1.56B	—	—	—
EBITDA margin	85.97%	96.59%	25.48%	66.99%	—	—	—
Net income	−$603.8M	$236.6M	−$233.4M	$855.6M	$1.61B	−$2.44B	−$12.5M
Net profit margin	−40.77%	14.67%	−8.60%	36.78%	105.53%	−300.46%	−0.84%
Basic EPSper basic share	-CA$0.78	CA$0.29	-CA$0.33	CA$1.53	CA$2.86	-CA$4.35	-CA$0.02
Diluted EPSper diluted share	-CA$0.78	CA$0.29	-CA$0.33	CA$1.52	CA$2.82	-CA$4.35	-CA$0.02

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BTE
Holder	Shares held
Connor, Clark & Lunn Investment Management Ltd.	49.18M
Juniper Capital Advisors, L.P.	31.39M
D. E. Shaw & Co., Inc.	24.53M
VANGUARD CAPITAL MANAGEMENT LLC	18.96M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	18.6M
AMERICAN CENTURY COMPANIES INC	18.15M
Ninepoint Partners LP	17M
ROYAL BANK OF CANADA	15.75M
TD Asset Management Inc	15.09M
Webs Creek Capital Management LP	12.77M
GOLDMAN SACHS GROUP INC	12.76M
JANE STREET GROUP, LLC	11.69M
ALLIANCEBERNSTEIN L.P.	10.5M
MORGAN STANLEY	9.09M
BANK OF MONTREAL /CAN/	8.15M
RENAISSANCE TECHNOLOGIES LLC	7.28M
FIL Ltd	6.5M
JUPITER ASSET MANAGEMENT LTD	5.96M
VANGUARD FIDUCIARY TRUST CO	5.78M
UBS Group AG	5.01M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about BTE yet. Start the conversation.

Write the first post

Baytex Energy Corp. (BTE)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.